With the market drop, some are already shouting that the bull market is over?

The market narrative has turned a bit too quickly these days.

Bitcoin not only did not rebound, but also broke through support levels with a volume drop, scaring quite a few people. In fact, looking at the extent of the drop, from 124k to just over 110k, it's only about an 11% drop, and some are already saying the bull market is over? To be honest, this level of volatility wouldn't even count as normal daily fluctuations in past bull markets.

And don’t forget, the current market environment is different from the past. After the launch of ETFs, volatility has indeed contracted, but Bitcoin cannot become gold or a stablecoin.

Simply put, institutions like MicroStrategy and BlackRock are eager to pick up cheap chips during the downturn. Last week, MicroStrategy bought over 3,000 Bitcoins, while ordinary retail investors might have long been unable to buy; very few can hold long-term. Today's buying power is almost entirely institution-led.

It's not retail investors playing anymore; there are very few who can hold long-term. The real buying power is all from institutions.

BlackRock manages assets exceeding 13 trillion USD, and there are several giants in the U.S. stock market with a market value of 4 trillion.

Compared to this 'old money', the size of the crypto market is still too small. In other words, the current Bitcoin and Ethereum are not supported by retail investors; their rise and fall are more linked to macro liquidity.

In my view, looking at it on an annual basis, this market will not see a true bear market again. The speed of global money printing and the direction of fiat currency liquidity are the anchors for the long-term price movement of cryptocurrencies.

The direct trigger for last night's drop was actually Trump kicking out Cook from the Federal Reserve. This move basically tells the market that the independence of the Federal Reserve may be at risk. If Powell is also sidelined next, then interest rate votes will be determined by Trump, and the market will naturally panic first.

Altcoins: general decline, but the leaders remain stable.

As for altcoins, this wave has basically nothing that can stand alone; recently strong sectors (platform coins, oracles, public chains, RWA, etc.) are all in correction, and domestic concept coins are dominating the decline charts.

However, there are also two highlights:

  • #WLFI, #XPL These two new leading coins have stabilized their prices and did not continue to drop.

  • Both projects that participated early in #IDO have basically returned 10x, indicating that in this round of market, we should keep a close eye on the leaders.

My conclusion now is simple: don't fantasize about picking up bargains in small caps, as the market is now led by institutions and will not leave 'bargain prices' for retail investors. The real money-making opportunities are still in large-scale projects focusing on RWA, AI, stablecoins, and infrastructure.

This round of decline really doesn't mean much; institutions are the real buyers, and the long-term logic remains unchanged.

In the short term, Trump's disruptive actions have increased uncertainty, but in the big picture, Bitcoin and Ethereum are still tied to global liquidity.

Don't mess around with altcoins; keep an eye on the leaders. If you choose the right track, opportunities will always exist.

I will stop the article here! If you are still unsure about the direction in the crypto world, you might as well layout with me; waiting for you, otherwise in the next wave of the market, you might again be the one standing on the opposite shore.#特朗普罢免美联储理事库克 #加密市场回调